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Ethereum Price Forecast: ETH Nears $2,400, Eyes on $2,500?

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on February 07, 2024 | 2 min
Updated on Feb 07, 2024
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  • Ethereum approaches crucial $2,390 resistance, with potential for a significant rally upon a successful breakout.
  • Bullish momentum for ETH gains as RSI and MACD indicators show increasing positive signals.
  • Eyes on ETH as it nears a pivotal moment; surpassing $2,500 could be next on a bullish breakout.

 

In today’s daily crypto analysis, Ethereum (ETH) showcases a promising uptrend, currently positioned at $2,359.99, marking a 2.11% increase within the last 24 hours. The crypto giant holds the second spot in market capitalization, with a valuation of approximately $283.63 billion, supported by a trading volume of nearly $9.79 billion. As Ethereum navigates through the volatile waters of the crypto market, it commands attention with its circulating supply of over 120 million ETH coins, although its maximum supply remains unspecified.

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ETH/USD Price Chart
ETH/USD Price Chart – Source: Tradingview

Ethereum Price Prediction: Technical Outlook

Ethereum’s performance on the 4-hour chart showcases a pivotal moment as it hovers around a significant pivot point at $2,305. This level is crucial for determining Ethereum’s short-term direction, with resistance poised at $2,377, $2,463, and a critical threshold at $2,532. These barriers represent significant points that ETH must breach to confirm a bullish trend. On the downside, support levels at $2,218, $2,148, and $2,060 provide a cushion against potential declines, serving as checkpoints for Ethereum’s resilience.

 

The technical landscape is bolstered by the Relative Strength Index (RSI indicator) standing at 61, reflecting a market teetering on the edge of overbought conditions yet underscored by a strong buying interest. The Moving Average Convergence Divergence (MACD signal), with a reading of 6.5 against a signal line of 16.2, signals an emerging bullish momentum, suggesting that the market sentiment is leaning towards optimism.

 

Chart analysis reveals a double top pattern with resistance looming near $2,390, a level that Ethereum is testing. The presence of a Doji candlestick pattern near this resistance hints at market indecision but also underscores the potential for a trend reversal should ETH convincingly break above $2,390. A successful breach of this level could ignite a rally, driving Ethereum to explore higher price territories.

 

In conclusion, ETH stands at a crossroads, with its next move heavily contingent on overcoming the $2,390 resistance. The market’s current dynamics hint at a bullish bias, with potential for significant upward movement upon a breakout. However, caution remains paramount, as a failure to surpass this critical juncture could see the coin retreating to its support levels. The strategic play involves selling below $2,390 and buying above it, capitalizing on the anticipated bullish momentum.

 

Conclusion: Ethereum’s trajectory hinges on the pivotal $2,390 mark, indicating a bullish outlook on breakout, guiding a strategic approach to sell below and buy above this threshold.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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